New Delhi: Oil and Natural Gas Corporation (ONGC) has told stock exchanges that the recent jump in its share price is primarily attributable to a rally in global crude oil prices, and not due to any undisclosed corporate development or agreement with Reliance Industries, responding to a media report that triggered investor interest.
In a clarification issued on January 28, ONGC said Brent crude prices have risen from around $60 per barrel earlier this month to about $67 per barrel, marking an increase of roughly 10.5% in the last three weeks, driven by global market dynamics and geopolitical factors. The upswing has buoyed stocks across India’s upstream oil and gas space, the company said.
ONGC pointed out that peer exploration and production companies also saw sharp gains on the same day, with Oil India Ltd rising nearly 10% and Hindustan Oil Exploration Company gaining over 5%, underscoring the sector-wide nature of the rally.
The clarification follows a news report suggesting that ONGC and Reliance Industries had signed a resource-sharing pact to strengthen India’s offshore energy push. Addressing queries from the exchanges, ONGC said the agreement referred to in the report is aligned with the Oilfields (Regulation and Development) Amendment Act, 2025, which provides an enabling framework for sharing infrastructure and facilities among exploration and production operators to improve efficiency in hydrocarbon development.
However, the company stressed that there is no unpublished price-sensitive information or ongoing negotiations that would explain the recent movement in its stock. It also said there are no regulatory or legal proceedings linked to the matter.
ONGC added that its business performance and stock movements remain closely linked to global crude price trends, given that oil and gas prices are determined by international markets rather than domestic factors.